Peter Braid (pictured), CEO of the Insurance Brokers Association of Canada (IBAC), revealed that all full partners have renewed support for the organization’s Broker Identity Program. This will continue its efforts to build a stronger and more connected broker community while also showcasing their invaluable role in insurance dealings.
“These insurers see the benefits of supporting this cause,” said Braid.
“Beyond that, the companies want to help us in our efforts to help strengthen the industry for insurers and clients alike.”
Braid spoke with Insurance Business about how the different pillars of IBAC’s mission are advantageous to brokers, how its “The World Doesn’t Work Without Insurance” campaign is looking to court new professionals into insurance, and what’s next for the organization.
One of the pillars of IBAC’s mission includes its Broker Identity Program, which was established in 1988. It advocates for the broker distribution channel and positioning the profession as a solid choice for consumers looking to buy property and casualty coverage nationwide.
“The advantages of backing this promotional effort are far-reaching for insurers who are looking to get their product in the hands of consumers by capable and empathetic brokers,” Braid said.
Every major P&C insurer in Canada supports this initiative, showing a strong backing for brokers and the profession.
However, there is more to the IBAC’s advocacy that is particularly appealing to insurers, including its efforts to influence public policy to help strengthen the industry’s position for both consumers and businesses.
“Upholding Section 416 of the Bank Act has seen significant support from insurers across the board, which we helped spearhead,” Braid said.
This provision prohibits banks from selling insurance at the point of credit when consumers should be subject to undue influence by a banking representative.
As a result, a more competitive insurance marketplace is guaranteed within Canada, allowing the insurers backing IBAC to offer policyholders more options.
“This is really important for the broker channel and the insurance industry widely, which is why we continually advocate for this commitment,” Braid said.
Additionally, insurers are also fond of IBAC’s push for technological innovation.
The organization is using its influence in the industry to create a more streamlined and interconnected relationship between brokers. It has promised this through helping develop a broker management systems and insurance companies’ systems via an API technology.
“This will reduce cost and friction, while ultimately improving the customer experience as brokers will be able to share important data in real time to eliminate ineffective and repetitive data entry,” Braid said.
Insurers and brokers alike have long been warning of a talent shortage as older generations reach retirement age, creating more vacancies than the talent that is available.
While IBAC is committed to providing professional development for the broker workforce at all levels of the profession, it is also wants to help bring in passionate new talent who may not be aware of the various opportunities in the industry.
“We want to showcase how great the industry is on a national level,” Braid said, which has culminated in the organization’s “The World Doesn’t Work Without Insurance” advertising platform.
Encompassing national television and social media/digital marketing efforts, the campaign is meant to showcase insurance as the essential underpinning of society, while also looking to attract talent to the broking channel if they are seeking a job with a greater purpose.
In the immediate pipeline for the IBAC is a video-based content series, which has yet to be named.
In it, Braid notes how the series will be comprised of 12 different brokers from across the nation detailing what a day in the life is like for a broker.
“These will be stories of real people telling their own personal experiences on the job,” he said.
“These more authentic portraits of professionals in the industry can leverage the notion that being a broker affords great opportunities to provide meaningful support to communities, especially during times of crisis.”
